The outlook for economic growth in the Group of Seven leading industrial nations is brightening and expansion in OECD member countries should continue at a moderate pace, an OECD report said on Friday.
The Paris-based Organisation for Economic Cooperation and Development said its composite leading indicator (CLI) for the G7 area rose to 106.0 in May from an upwardly revised 105.5 in April.
A less volatile measure, the six-month rate of expansion, also rose for the G7 in May, to 1.9 from a revised 1.2 in April. It had previously been reported at 1.1 in April. "May 2007 data show improved performance in the CLI's six month rate of change in all the major seven economies except Italy," the OECD said.
The report also highlighted improvements in figures for Japan, which saw its six-month rate of change jump to 0.6 in May from minus 0.7 in April. "In May 2007, the CLI for Japan rose by 0.7 points and its six-month rate of change has increased in the last two months," the OECD said. The figure for the 30-nation OECD area came in at 110.1 in May, up from April's revised 109.6.
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